Year : 19, No. 03 INDORE, 01 JANUARY TO 15 JANUARY 2024 Page : 8, Rs.

08

Dawoodi Bohra’s Business Expo

Celebrates Entrepreneurship
INSIDE
Vivo Y28 5G

and Innovation in Indore

Unveiled at India's
Largest SME Summit
in Indore
INDORE: tribution to India's GDP. The com-
munity’s trade and business are
working towards making our
Page-2 Thousands of atten- country self-reliant. Not only in
dees visited the India but in the whole world, the
Bohra community has illuminated
Labhganga the name of India. The grandeur
of this expo is a testament that it
Exhibition Center in will make a significant contribu-
Indore for the open- tion to the economy of Indore,
Pratap Group ing of the 3rd edi- Madhya Pradesh and India.
Many many congratulations for
Unveils Corsis tion of Saifee its success."
Technologies' Burhani Business
At the expo, Indore Mayor
Shri Pushyamitra Bhargav
Cutting-Edge expressed gratitude to the
Manufacturing Expo from the 12th Syedna’s son Shahzada organisers of the expo and high- Dawoodi Bohra community for
Facility in Pithampur to the 14th of Husain Burhanuddin was person- lighted the importance of hosting hosting the mega business expo
ally present at the inauguration such exhibitions to promote new in the city. He acknowledged the
January 2024. The ceremony along with the Chief and established businesses. community’s love, dedication and
leader of the Guest Shri Kailash Vijayvargiya, At the expo, Cabinet Minister contributions to various sectors,
Page-3 Cabinet Minister, Madhya Shri Kailash Vijayvargiya said, highlighting their business-mind-
Dawoodi Bohra Pradesh alongside Mayor of "The Bohra community continues ed approach.
Indore Shri Pushyamitra Bhargav to make significant contributions Organised by the communi-
community His and senior members of the com- to the development of this coun- ty’s Business Development
Holiness Syedna munity. try. The community has always Department, ‘Tijaarat Raabehah’,
In his address to the audi- proved itself with its discipline the expo serves as a platform for
Airtel Business to Mufaddal Saifuddin ence, Shahzada Husain and business skills. Prime Dawoodi Bohra entrepreneurs to
power 20 million graced the opening Burhanuddin emphasised follow- Minister Shri Narendra Modiji connect, share knowledge, and
smart meters for of the expo online.
ing ethical trade and business
practices. He applauded the
always says that the Bohra com-
munity has an incomparable con-
cultivate strategic collaborations
within varied business fields.
Adani Energy
Solutions with its Indore Hosts Largest SME Summit:
transformative smart Shakti Pumps Marks
IoT solutions
Raj PEB Shines in Milestone with 10th Patent
Industrial Engineering Expo
Page-6

in Pump Innovation
Indore: Pithampur:
Raj PEB Manufacturers Pvt. Ltd. Shaping
TalentSprint Indore, renowned as the Future of Pre-Engineered Buildings Madhya Pradesh, 10th
January 2024, Shakti
announces the the cleanest city in the
country and the industrial Pumps (India) Limited,
launch of the 6th capital of Madhya India's leading manufacturer
of energy-efficient pumps
cohort of its Women Pradesh, witnessed the
grandeur of the largest
and motors has received a
Engineers Program, Small and Medium-sized
patent for inventing " A SURFACE HELICAL PUMP
CONSTRUCTION WITH COLLINEAR FLOW”The
supported by Google Enterprises (SME) Patent Office, Government of India, has awarded
Summit, the Industrial Shakti Pumps this patent, fully adhering to the provi-
Engineering and sions set forth in the Patents Act of 1970. This patent
Manufacturing Expo, held is set to maintain its validity for duration of 20 years,
Page-7 at the Labhganga commencing from the date of filing. This is the 10th
Exhibition Center from pre-engineered buildings. manufacturing to on-site
Patent that the company has secured.
January 5 to January 8, With a state-of-the-art establishment, Raj PEB is This innovation tackles a prevalent issue in cen-
2023. The event featured manufacturing facility in a trusted partner for trifugal pumps by maintaining consistent water flow
the active participation of Indore, equipped with cut- diverse building projects. even when the RO membrane faces blockages. This
more than 300 compa- ting-edge automated Mr. Sumit Soni, a breakthrough design elevates efficiency, reduces
nies from various corners machines, laser-operated spokesperson for Raj maintenance costs by minimizing the need for fre-
Paytm Payments of the nation, highlighting CNC cutting units, and a
highly trained workforce,
PEB Manufacturers Pvt.
Ltd., expressed his
quent membrane changes, and presents an econom-
the city's prominence in
Bank enables the industrial landscape. the company ensures the enthusiasm for participat-
ically attractive solution for the RO industry. Its ener-
gy efficiency not only leads to cost savings but also
FASTag payments at A standout participant production of top-notch ing in the SME Summit contributes to reducing carbon footprint, aligning with
pre-engineered buildings. and the Industrial
Indore Airport park- in the expo was Raj PEB
Manufacturers Pvt. Ltd., a Over the years, Raj Engineering and
environmental sustainability goals. Overall, Shakti
Pumps' patented technology signifies a significant
ing leading Pre-Engineered PEB Manufacturers Pvt. Manufacturing Expo. He leap in fluid technology, offering specialized solutions
Building (PEB) manufac- Ltd. has built a reputation stated, "The expo provid- and reinforcing its status as an industry-leading inno-
turer based in Indore, for delivering high-quality ed us with an excellent vator.
India. The company and cost-effective pre- platform to showcase our Dinesh Patidar, Chairman of Shakti Pumps, high-
 Google showcased its innovative fabricated buildings cater- cutting-edge products lights an important advantage of the new patented
announces 2nd products and services, ing to businesses of all
sizes. Headquartered in
and services. It allowed
us to connect with a
technology “Our pump's enhanced efficiency signifi-
cantly cuts down on energy consumption, directly
drawing attention to its
cohort of GNI commitment to quality, Indore, Madhya Pradesh, diverse audience and benefitting RO industries by bolstering their revenue
Startups Lab India cost-effectiveness, and the company proudly industry experts. The streams. This reduction in energy usage also stands
advanced manufacturing stands among the most positive response we as a testament to our commitment to environmental
capabilities. established PEB manu- received has reinforced sustainability, as it tangibly contributes to lowering
Raj PEB facturers in central India, our commitment to deliv- carbon footprint. Through our innovative technology,
Page-8 Manufacturers Pvt. Ltd. offering comprehensive ering quality and cost- we proudly support our nation's overarching objec-
has positioned itself as a PEB manufacturing serv- effective pre-engineered tives of achieving greater energy efficiency and fos-
trailblazer in the field of ices. From planning and building solutions. tering a greener, more sustainable future."
 INDORE, 01 JANUARY TO 15 JANUARY 2024 2
Briefs
Vivo Y28
5G
Unveiled
India launches a single-
at India's
window portal for med-
ical devices management
Largest
Inaimport,
move to streamline the
clinical investigations,
and testing of medical devices, the
SME panies from various corners of
India during the event held
from January 5 to January 8,
Design and Build:
With a svelte 8.09 mm thick-
Performance and Battery:
Powered by a MediaTek

Summit in
Centre has launched the National 2023. ness and a sleek 2.5D flat Dimensity 6020 chipset, the Y28
Single Window System (NSWS). One of the major high- frame, the Y28 5G combines 5G offers efficient performance.
In a notice dated January 1, Rajeev lights of this summit was the aesthetics with durability. It It houses a robust 5,000mAh

Indore
Raghuvanshi, drugs controller general launch of the Vivo Y28 5G, boasts IP54 dust and water battery, supported by 15W Fast
of India, said the NSWS has been marking another significant resistance, providing protection Charge technology, ensuring
established as a “genuine single-win- addition to Vivo's Y Series against water splashes and dust extended usage without fre-
dow system, which acts as a one-stop Portfolio. Positioned as the ingress. quent recharging.
shop for all the approvals required by most affordable 5G smart-
the investor and facilitates ease of phone in the Y-series line- Display: Software:
doing business”. Business Standard up, the Vivo Y28 5G was The smartphone features a Running on FunTouch OS
has a copy of the document. unveiled with great enthusiasm 6.56 HD+ high-brightness dis-
The NSWS portal, distinct from the Indore: 13 based on the latest Android
at the Expo. play with a commendable 90Hz 13 platform, the smartphone
existing SUGAM and cdscomdonline Indore recognized as the refresh rate, promising a visual-
portals, has been developed by Tata cleanest city in the nation and Vivo Y28 5G: ly immersive experience.
promises a smooth and user-
friendly experience.
Consultancy Services (TCS). It facili- the industrial hub of Madhya Affordable and Feature-
tates applications for the certificate of Pradesh, recently played host to Packed The smartphone is set Camera Capabilities: The Vivo Y28 5G's launch at
the Industrial Engineering and
registration and licences to manufac- the grand Industrial Engineering to redefine the budget-friendly
ture or import medical devices for vari- The Vivo Y28 5G boasts an Manufacturing Expo in Indore
and Manufacturing Expo, the 5G segment, offering impres- advanced 50MP main rear cam-
ous purposes, including clinical investi- largest SME Summit in the reflects the city's growing promi-
sive features at an attractive era, ensuring sharp and vibrant
gations, tests, evaluations, demonstra- country. The Labhganga price point. It comes in two cap- nence as a hub for technological
tions, and training. The existing portals images. For selfie enthusiasts, it advancements and business
Exhibition Center witnessed the tivating color options - Glitter comes equipped with a 16MP
will be disabled by January 15, the convergence of over 300 com- Aqua and Crystal Purple. collaborations.
notice stated. front camera.
Finance Minister Nirmala
Sitharaman had previously announced
the creation of an investment clearance India needs to take on China Russian crude oil cargoes head away
from India amid payment issues
on supply chain: Mahindra
cell (ICC) during her Budget speech on
February 1, 2020. The proposed ICC,
now developed as the NSWS, enables
investors to identify, apply, track, and
Anumber of vessels
hauling crude from
obtain the necessary approvals before
starting any business operations in
Theworld
India
needs
to
China’s supply chain domi-
nance. That is the great
Russia that had been
idling off India are now
headed away from the
India, eliminating the need for investors become a challenger to opportunity of 2024. That
China’s supply chain is what will fuel the lift- country eastwards, amid
to visit multiple IT platforms and author-
dominance, which is a off,” he said, adding, all concerns over oil pay-
ities, the Central Drugs Standard
great opportunity for the signs point to the Indian ments to Moscow that spurred a slump in arrivals last
Control Organisation (CDSCO) notice
country in 2024, economy achieving the month. Five ships all carrying Sokol oil from Russia’s Far
read.
Mahindra Group chair- mythical “lift-off”. East-the NS Commander, Sakhalin Island, Krymsk,
India’s demand for medical devices
man Anand Mahindra said The opportunity for Nellis, and Liteyny Prospect-are moving toward the
is projected to reach $50 billion by
in his new year address on India’s manufacturing to Malacca Strait at 7 to 10 knots, according to vessel-track-
2030. Currently, the country produces
social media. achieve a quantum leap “is within ing data. A sixth also holding Sokol-the NS Century-is still
approximately $7.6 billion worth of med-
Investments would flow into our grasp or ours to lose”, he said, close to Sri Lanka. “China seems to have stepped in to
ical devices, exporting roughly $3.4 bil-
India in “unprecedented” volumes, urging to seize it with both hands as save the idling Sokol cargoes,” said Viktor Katona, lead
lion. The annual demand for medical
and in the long run, the country’s growth in manufacturing and exports crude analyst at data intelligence provider Kpler. India’s
devices in India is estimated at around
capacity for disruptive innovation will will enhance the consumption story oil imports from Russia-a vital outlet for Moscow amid the
$12 billion, with imports accounting for
lead to a rise in its economy, and set in motion a virtuous cycle war in Ukraine-fell in December to their lowest since
close to $7.6 billion, or over 60 per cent,
Mahindra said in a post on X on that could endure for years. January 2023, with local refiners not receiving a single
of the domestic requirement.
Monday. Talking about the past year, Sokol cargo due to payment issues, according to Kpler.
However, the draft New Drugs,
He also wished the startup sec- Mahindra said it was a year charac- The US and its allies have imposed sanctions on entities
Medical Devices and Cosmetics Bill,
tor, which is the force behind disrup- terized by conflict, climate change deemed to have breached the $60-a-barrel cap on
2023, expected to be tabled in
tive innovation, “more power”. and a sluggish post-Covid recovery. Russian crude exports, which came into effect late in
Parliament soon, has triggered opposi-
“Globally, the world needs India to The year ended with the world cry- 2022. Last month, a senior Treasury official said enforce-
tion from medical device makers,
become a reliable challenger to ing out for renewal, he said. ment would be ramped up.
patient interest groups, and hospitals.
They are advocating for a separate Bill
for medical devices, distinct from drugs.
In a statement dated December 12
Bottom Story
from medical device manufacturers’
lobby groups, patient advocacy groups,
hospital industry bodies, and others,
Malini Aisola, co-convenor of the All
BDR Pharma launches oral solution for prostate cancer in India
India Drug Action Network (AIDAN),
noted: “There are no clearly defined
norms for conducting clinical investiga-
BDRPharmaceuticals
Tuesday launched
on prostate cancer, BDENZA
ORAL SOLUTION brings a mix
an oral solution in 32mg/mL of benefits to make things better
tions, particularly for high-risk devices designed for the management of for patients. It gives a strong
that go into the body of a patient or have prostate cancer. According to a 160mg dose in just one small
higher potential to cause harm, leading press statement, BDENZA will 5ml serving, so there’s less has-
to some very poor study designs and be available at Rs. 27,000 for sle associated with lots of pills.
insufficient or dubious data. There is 150mL. Unlike fixed-dose tablets, doc-
complete lack of transparency in the “This innovative formulation tors can adjust the dosage to fit
way the regulatory mechanism and marks a significant step forward each patient better.
expert committees provide recommen- in providing an effective dosage This oral solution is gentle
dations and undertake assessments of form, with lesser side effects in on the stomach, avoiding issues
the studies, and the data which is the comparison to existing oral like nausea. Plus, it is sugar-free
basis for granting approval.” dosage forms of Enzalutamide. and tastes good, making it easi-
The NSWS portal, distinct from the The Dose reduction owing to tol- million new cases diagnosed majority of the population suffer- er for patients, especially those
existing SUGAM and cdscomdonline erability of the product by globally each year and an esti- ing from prostate cancer is geri- with taste changes or dietary
portals, has been developed by Tata patients is a big advantage of mated 375,000 deaths, accord- atric population, certain aspects limits, to stick with the treatment.
Consultancy Services (TCS). It facili- this oral solution, as dose regi- ing to the WHO. Earlier it was like taking high dosage medica- In a nutshell, BDENZA ORAL
tates applications for the certificate of men can be adjusted based on the 8th most common cancer in tion are difficult. SOLUTION is a simpler, more
registration and licences to manufac- the volume of consumption. This males in the 1990s, but now it Recognizing the significant patient-friendly way to tackle
ture or import medical devices for vari- flexibility is absent in existing moved to 3rd place by 2015 in challenge faced by Geriatric prostate cancer. It can help
ous purposes, including clinical investi- oral dosage forms of India. In India, a total of 37,416 patients/ Old patients BDR improving the patient compli-
gations, tests, evaluations, demonstra- Enzalutamide,” the company cases of prostate cancer were Pharmaceuticals introduced ance to a great extent,” Dr.
tions, and training. The existing portals said in a statement. reported in 2016. It was project- affordable alternative medica- Aravind Badiger Director,
will be disabled by January 15, the Prostate cancer is a growing ed to increase to over 47,000 tion formulation, it claimed. Technical Formulation said in a
notice stated. concern, with an estimated 1.2 cases by 2025. Considering “Changing how we treat statement.
 INDORE, 01 JANUARY TO 15 JANUARY 2024 3
Briefs
Pratap Group Unveils Corsis Technologies'
Cutting-Edge Manufacturing Facility in Pithampur
Pithampur: boasting a production capacity
exceeding 6.5 million fiber kilo-
Pratap Digital meters, contributing significantly
60% of consumers Communications Pvt. Ltd., a pio-
neering force in optical fiber
to improved communication net-
works."
realised AI’s transforma- cable manufacturing in India,
has inaugurated a state-of-the-
Aligned with the Indian
government's "Digital India"
tive powers: Cheil India art manufacturing unit under program, Corsis Technologies'
According to an official release, Corsis Technologies in initiative holds the potential to
Cheil India revealed a new survey men- Pithampur (Madhya Pradesh). fortify the country's telecom
tioning that AI can be a serious busi- The unveiling ceremony, held on infrastructure, ensuring afford-
ness. The report ‘AI and I – What Indian Thursday, January 11, 2024, able internet connectivity for all.
consumers feel about and expect from was graced by the esteemed
presence of Central Jal Shakti This undertaking is anticipated
AI in 2024’, is expected to be a quanti- to enhance access to educa-
tative online survey, administered to Minister Shri Gajendra Singh
Shekhawat. This initiative is tion, health, and public servic-
about 1000+ respondents across differ- es, fostering employment
ent age groups, examines the attitude poised to revolutionize the opti-
cal fiber cable sector, reinforcing opportunities across India.
of people towards AI. “Unlike other
India's digital infrastructure and The inauguration of Corsis
recent trends that dominated tech head-
setting a new benchmark in the an individual of Indian origin. Shri Devendra Singh Technologies' cutting-edge
lines, AI has become mainstream and is
here to stay. Its appeal cuts across age field. Pratap Group's initiative signi- Shekhawat, CMD of Corsis manufacturing unit signifies not
groups and gender with each coterie With the inauguration of fies a concrete step towards a Technologies, shared insights only a pivotal moment in the
having their own views on it,” Lim Seob this cutting-edge manufacturing self-reliant India. Devendra Ji on the inauguration, stating, company's journey but also a
Chung, MD, Cheil India, explained. unit, Pratap Group aims to dou- and his team are realizing the "Our new unit in India is poised significant stride towards fortify-
Data privacy is expected to be the ble its capacity in the optical dreams of Group Founder Shri to fortify our position in optical ing India's digital infrastructure
biggest bottleneck in AI adoption, with fiber cable sector, propelling Pratap singh Shekhawat. This fiber cable manufacturing. It is on the global stage. This strate-
about 64% of respondents mentioning communication networks to plant, larger than anticipated, designed not only to meet the gic move will not only double
that if they start using AI, all their data unprecedented heights. reflects the company's commit- escalating connectivity production capacity but also
will be exposed to AI companies. About Union Jal Shakti Minister ment not only to technological demands of India but also to elevate the optical fiber cable
70% are worried about those compa- Shri Gajendra Singh advancement but also to gener- enhance our global presence. manufacturing process,
nies misusing the data they share, as Shekhawat, while inaugurating ating new employment opportu- With a cutting-edge R&D center emphasizing skill and eco-
per insights from the report. “This report the facility, expressed, "The opti- nities for the youth. The compa- focused on innovation, we con- friendliness. The unit is poised
can give brands an understanding of cal fiber cable industry is an ny's endeavors extend beyond sistently deliver high-quality to create new employment
how open consumers are to adopting emerging sector eyed not only optical fiber cables, with signifi- products tailored to customer opportunities, contributing to
different AI technologies, and what by our nation but by the entire cant work on manufacturing needs. With over 18,000 skilled the economic growth not only in
could the key talking points be, as and world. It is a matter of pride that Lithium batteries, contributing to employees, we have automated Madhya Pradesh but through-
when they keep adopting these new this industry was pioneered by India's technological progress." machines for manufacturing, out India.
technologies,” Sourav Ray, chief strate-

Xiaomi on growth path with

gy officer, Cheil India, concluded.
Maruti Suzuki slapped tax notices
worth 345.15 cr by 3 states
Auto major Maruti Suzuki India has
said it received tax demand orders from
clear strategy for smart
the Goods and Service Tax (GST)
departments of three states -- Haryana,
Karnataka and Gujarat. Collectively the
phones: India president
tax amounts to 345.15 crore inclusive of
interests and penalties. After a chal-
The first tax demand is worth 139.3 lenging 2022
crore by the Haryana GST department
for the period July 2017 to August 2022.
It comes along with interest and a
and some mis- PepsiCo to open snack plant in Vietnam
steps, Xiaomi
penalty of 13.9 crore under a reverse
charge basis on certain services. The India made P epsiCo, Inc. said it plans to build a snack
plant in the Ha Nam providence of
Vietnam, which is expected to supply more than
second tax demand is worth 65 lakh by
Karnataka state GST department for the some correc- 23,000 tonnes of snacks per year to markets in
period 2018-19, mainly on account of Vietnam and Cambodia.
input tax credit issues. The third tax
tions in 2023, The company said it will invest nearly $90 mil-
demand order is of 173.9 crore, along and is now on lion to build and operate the facility, which will be
with a penalty of 17.4 crore by the located in Tien Town’s Dong Van I Expanded
Gujarat GST department for the period
a growth path Industrial Park and will be more than 860,000
July 2017 to August 2022, in the matter with a clear square feet. The plant also will incorporate mod-
of tax liability under reverse charge ern technology and renewable energy adaptation,
basis on certain services. Furthermore, strategy for its and had a lot of work to be done in PepsiCo said.
Maruti has also said its unit Suzuki smartphones, said a top growing offline retail capabilities, so we “Despite the general economic difficulties
Motor Gujarat Private Ltd (SMG) has focussed on that in 2023 and will double after the COVID-19 pandemic, PepsiCo Foods
also been served a show cause notice official at the company down in 2024,” said Muralikrishnan B, Vietnam has made remarkable strides,” said
on January 3, 2024, by the customs President, Xiaomi India. Nguyen Viet Ha, general manager of PepsiCo
department. “It has been alleged that
on Wednesday. He also said the company will Foods Vietnam. “We hope that the new factory
SMG has failed to re-export the return- “We have had our share of chal- ensure brand building to retain Xiaomi’s project will contribute to promoting economic
able racks within the stipulated time lenges in 2022, which we corrected in existing customers with upgrades and development, help Vietnamese people through
period of 6 months. SMG has been 2023, and that will continue in 2024 to premiumisation, and to make them difficulties, and bring long-term benefits to socie-
directed to pay the differential duty of take care of the product portfolio. We advocates for the brand by “providing ty.”
30,27,431/-, and has also been asked will also have the right distribution strat- better experience”. When asked about PepsiCo will begin construction on the facility
as to why redemption fine, interest & egy, which we have very clearly laid the India launch of the electric car, he in 2024 and open it in the third quarter of 2025.
penalty should not be imposed.” out...earlier, we were strong in online said the company has no plans yet.

Bottom Story

India’s domestic air passenger traffic at record high in 2023

India’s domestic air passenger traffic hit “The resilience in traffic comes at a time ers ferried 4.17 lakh passengers a day on
a record high in 2023, dwarfing the pre-pan- when airlines have not been able to deploy domestic flights in 2023, and the average
demic peaks and marking the sector’s full full capacity owing to a mix of financial and daily domestic flight count stood at 2,891.
recovery from Covid-19’s impact. Domestic engine issues at various airlines and sus- Except November, the domestic air pas-
air traffic in 2023 is estimated at an all-time pension of services by one airline (Go First). senger traffic in all months of 2023 was
high of 15.2 crore passengers, beating the This has led to higher load factors across higher than the corresponding months of
previous record of 14.4 crore passengers in airlines in 2023,” the report said. The data 2019.
2019, as per data compiled and analysed suggests that the industry has fully recov- On the outlook for 2024, the report
by aviation analytics firm Network ered from the impact of Go First’s ground- said, “With a 5 per cent growth over 2023
Thoughts. ing. The airline has not operated since early (same as last year), the domestic air traffic
“With this, the recovery is complete and civil aviation in India,” the firm said in a May after it voluntarily filed for insolvency. would reach 15.97 crore. A more realistic
a year ahead of IATA’s (International Air recent report on India’s domestic aviation The official monthly aviation traffic figure of 10 per cent growth will take the
Transport Association) original estimation of landscape in 2023. data, which is released by the Directorate traffic to 16.72 crore domestic passengers
traffic reaching pre-Covid levels by 2024. Last year was the first full year of nor- General of Civil Aviation (DGCA), has not while 15 per cent growth-which has been
While the year recorded an all-time high, malised operations since the outbreak of been released yet for December 2023. It is recorded in the past—will take the domes-
the month of December 2023 recorded the pandemic, which had brought the avia- expected to be released in the next two to tic air traffic to 17.48 crore domestic pas-
highest ever monthly traffic in the history of tion industry to its knees globally. three weeks. On an average, Indian carri- sengers in 2024”.
 Year : 19, No. 03 INDORE, 01 JANUARY TO 15 JANUARY 2024

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ÂÚU ÁÜÙ ãôÙð Ü»Ìè ãñÐ §â ÁÜÙ ·¤ô àææ´Ì ãæðÌè ãñÐ â·¤Ìæ ãñÐ ÎêÚU ÚUãÙæ ¿æçã°Ð
 INDORE, 01 JANUARY TO 15 JANUARY 2024 6
Briefs
Airtel Business to power 20 million smart
meters for Adani Energy Solutions with its
transformative smart IoT solutions
Gurugram: Kandarp Patel, CEO - Adani
Energy Solutions Ltd., said,
Airtel Business – the “India’s ambitious
Revamped Distribution
With Singapore govern- B2B arm of Bharti Sector Scheme (RDSS) is
transforming the way we
ment’s help, SIPCOT Airtel, one of India’s deliver power, and AESL is
leading telecommu-
gears up to set up nications service
proud to be at the forefront
of this revolution. Our part-
India’s first net-zero providers – today
nership with Airtel marks a
industrial estate announced that it
critical step towards realis-
ing the vision of a smarter,
A comprehensive framework for
India’s first Net Zero Industrial will power over 20
more efficient grid for all.
This strategic tie-up lever-
Park, as a result of the collaborative
efforts of the Tamil Nadu and Singapore million smart meters tions. The solution will also said, “India’s smart metering pro-
ages the best of both worlds:
our deep domain expertise in
governments, is likely to be finalised in for Adani Energy come powered with Airtel’s IoT gramme is one of the most sig- the T&D sector and Airtel's
the next one year, said Senthil Raj, platform - ‘Airtel IoT Hub,’ which nificant policy reform measures
Managing Director, SIPCOT (State Solutions Limited enables smart meter tracking undertaken by the Government.
robust nationwide network
and comprehensive suite of
Industries Promotion Corporation of (AESL). and monitoring with advanced These meters are critical build-
IoT offerings, including NB-
Tamil Nadu), at the Tamil Nadu Global Airtel, through its robust analytics and diagnostic capabil- ing blocks for smart grids and
Investors Meet (TNGIM). ities in addition to real-time fundamental enablers for the IoT and 4G LTE. This pow-
nationwide communications net- erful combination will
The framework will guide the estab- work will deliver reliable and insights and services that digitalization of the power sector.
lishment of a net-zero industrial park, empower customers with Airtel expects its NB-IoT technol- enable us to seamlessly
secure connectivity for all deploy our current order
which SIPCOT has plans to design and AESL’s smart meter deploy- enhanced control over their ogy to play a significant role in
build in the North of Chennai. It will energy consumption. Adani the Utilities space to connect and book of over 20 million
ments. In addition, Airtel’s trans- smart meters across India,
potentially be the first Net Zero formative smart metering solu- Energy Solutions has an order manage smart meters at scale
Industrial Park in India. book of over 20 million smart with enhanced coverage, high empowering millions of con-
tions that are powered by NB-
Last year, SIPCOT signed an IoT, 4G and 2G, will help AESL meters from the power utilities of reliability and security. We look sumers with real-time con-
agreement with the Singapore-India to ensure real-time connectivity Assam, Andhra Pradesh, Bihar, forward to a long and fruitful sumption data and control,
Partnership Office (SIPO) under the and uninterrupted transfer of Maharashtra and Uttarakhand. association with the Adani while simultaneously driving
Ministry of Trade and Industry (MTI) to critical data between smart Ganesh Lakshminarayanan, Group, supporting them in their down inefficiencies in the
cooperate on a sustainable industrial meters and headend applica- CEO - Airtel Business (India), endeavours to digitize utilities”. distribution network”.
park during the visit of Tamil Nadu Chief
Minister MK Stalin and other State min-
isters and key officials from the
Government of Tamil Nadu to Maldives vs Lakshadweep: India’s airlines MobiKwik refiles draft papers with
SEBI; slashes IPO size to 700 cr
Singapore to promote the TNGIM.

and
The co-operation between SIPCOT
MTI-SIPO brings together
yet to look inwards with flight frequencies Gurugram:
Singapore agencies like the Centre for impact. The alternative for travellers based fintech player
Liveable Cities and JTC Corporation as will not be Lakshadweep just yet as One MobiKwik Systems Ltd
knowledge partners for SIPCOT, the the infrastructure at the Indian archi- has revised its initial public
developer of industrial spaces in Tamil pelago is far from the standards of offer (IPO) size in its latest wherein not less than 75%
Nadu. Maldives, but the new breed of Draft Red Herring of the issue will be available
“After last year’s visit to Singapore Indians brimming with confidence Prospectus (DRHP) filed for allocation on a propor-
and the signing of the MoU, we have and money are more than willing to with capital markets regula- tionate basis to qualified
been closely working with SIPO. The hullabaloo of several high- make a statement. tor SEBI (Securities institutional buyers. At
Conversations have been going on ranking officials and senior ministers Exchange Board of India) least15% of the issue will
between us. We keep learning from of Maldives taking unsavoury pot- India out as the company cut down be available for allocation to
models of parks from several countries, shots at India created an uproar on Indians prefer Maldives for its the issue size to 700 crore non-institutional investors.
such as Vietnam and Singapore, and social media, which consequently secluded resorts, visa-free travel from 1,900 crore earlier. Also, around 10% of the
trying to figure out how to arrive at our triggered holiday cancellations by and a short flight. Maldives has been The IPO, with a face issue will be allocated to
framework. We hope to conclude this in Indians. At least one Online Travel seemingly trying to attract more value of 2, is entirely a fresh retail individual bidders. Of
the next one year,” he said during a ses- Agency (OTA), EaseMyTrip, decided Europeans who tend to spend more. issue of equity shares, with the total funds raised via
sion at the TNGIM. to stop bookings to Maldives. India While the notion might be true, the no offer-for-sale compo- primary proceeds, 70 crore
It is gathered that Singapore com- was the largest source of tourists for volumes which India provides can nent. Mobikwik also aims to will go towards capital
panies have developed expertise in Maldives in 2023, followed by only be replaced by the Chinese for raise 140 crore via a pre- expenditure, 250 crore
these areas, which can be leveraged for Russia. Even as the Maldivian gov- whom it is a much longer flight, mak- IPO placement. The issue towards boosting financial
mutual benefit through our cooperation ernment tries damage control, the ing the travel cost higher than is being made through the services business; 135
with Tamil Nadu and Indian companies. largest source market deciding to Indians. book-building process, crore will be spent on pay-
snub the country will have a large ment business.

Bottom Story

Exports from labour intensive

sectors lagging, says GTRI
India’s exports from the exports. Property crisis in China
has also resulted in slowing of
labour- intensive sector Indian exports. “Most-favored
such as textiles, gar- The think tank said that among nation (MFN) duties
the key reasons for weak exports on Apparel in Japan
ments, gems and jew- in these sectors are non-tariff bar-
riers (NTBs) imposed by con- are 10 per cent.
ellery, and leather During the FTA negotia-
sumer nations and that India
exports have slowed should use the ongoing free trade tions in 2008-2010, it was
agreements negotiations to elimi- thought that if Japan could
despite the free trade reduce duties to zero post-
nate such barriers. NTBs are trade
agreements (FTAs) in the restrictions in the form of regula- FTA, India’s apparel exports
tions or quotas designed to limit to Japan would get a signifi-
past as efficient suppliers cant boost. Both countries
imports without the explicit use of
from China, Vietnam and tariffs. At a time when India is sign- agreed to eliminate duties on
ing free trade agreements with all apparel from day one of
Bangladesh gained mar- the entry into force of the
developed nations such as the
ket share in global trade, UK, GTRI said that mere signing India –Japan FTA. But data
a report by think tank of an FTA may not result in a rise from the past 12 years show
in India’s labour-intensive Goods that the expected gains did
Global Trade Research Overall goods exports have due to demand slowdown in the not happen,” GTRI said.
been on the decline for the better west – a key consumer of Indian exports and India’s export of
Initiative (GTRI) said. part of the ongoing financial year textile and gems and jewellery apparel to Japan is an example.
 INDORE, 01 JANUARY TO 15 JANUARY 2024 7
Briefs
TalentSprint announces the launch of the 6th cohort of
its Women Engineers Program, supported by Google
Hyderabad: professional goals. Beyond
financial support, selected stu-
TalentSprint, a global dents will gain access to a
edtech company and market range of benefits, including
leader in offering transforma- mentorship programs with
tional deeptech programs, is google engineers, bootcamps,
Danger of cheap goods making significant progress to
democratize access to quality
access to networking events
and potential career opportuni-
invading Indian markets, education and premium career ties to help young women engi-
says Jaishankar opportunities with leading tech
companies. To create a level
neers build a strong foundation
for their future tech careers.
E xternal Affairs Minister S
Jaishankar on Wednesday
called for greater use of locally manu-
playing field in the tech land-
scape and align with their core
Google has been a part of the
WE program since the incep-
philosophy of catalysing DEI tion.
factured products by Indian consumers missions of global corporations, This is seamlessly aligned
at a time when cheap and highly subsi- TalentSprint has announced the with its mission to empower,
dized imported items are “invading” launch of the sixth cohort of its enable, and involve women in
Indian markets. India is trying to curb Women Engineers (WE) pro- ship that covers program fee, field where gender diversity is all facets of technology through
cheap quality imports from countries gram, supported by Google. and an additional rewarding traditionally underrepresented. targeted initiatives. The WE
such as China with the use of several The 6th cohort will offer 200 cash scholarship of Rs. By providing financial assis- program is one such initiative
policy measures including quality con- seats to first-year women engi- 100,000. tance and unique opportuni- that offers a transformative
trol orders (QCOs). This comes as neering students from different The Women Engineers ties, the program seeks to opportunity for young women
China continues to be India’s top import strata of socio economic back- Program has been encourag- empower aspiring and deserv- students who aspire for highly
source with imports registering a 4 per ground across the country. The ing and supporting women pur- ing women engineers to impactful and rewarding tech
cent jump to a record $98.51 billion in program entails a 100% scholar- suing careers in engineering, a achieve their academic and careers.
FY23. While India is dependent on
imports of several items, most impor-
tantly, Active Pharmaceutical
Ingredients (APIs), trade with China
lacks transparency. China’s exports to
Adani Green announces refinancing VinFast to invest
India have risen consistently but India’s
export to China faces multiple non-tariff
barriers resulting in a sharp decline
plan for $750 mn Holdco Bond $500 mn to set up
over the years.
“To me, particularly because there is
a danger of cheap goods or subsidized
New dehli:
EV factory in India
Adani group's renewable energy
goods invading our markets, we have to arm Adani Green Energy Ltd (AGEL) New dehli:
instill pride in the producer but also has announced the redemption plan
pride in the consumer. We must con- for the $750 million 4.375 notes due Vietnamese electric
sciously say that we should make in September 9, 2024 (Holdco Notes). vehicle manufacturer
India and buy in India and buy what is Adani Green Energy, in a stock VinFast has committed to
made in India,” Jaishankar said at the exchange statement, says the out- says $281 million, (USD equivalent invest $500 million to estab-
‘Aatmanirbhar Bharat Utsav celebra- standing amounts of the Holdco of ?2,338 crore), is expected at the lish an integrated electric
tion’ organised at Bharat Mandapam. Notes will be fully secured through end of January 2024, and the funds vehicle facility in Tamil strong presence in key mar-
on the importance of One District- cash balances set aside as part of will be deposited into the senior debt Nadu as the carmaker eyes kets and strengthen its sup-
One Product (ODOP), which aims to various reserve accounts securing redemption account (SDRA) of the expansion into the world's ply chain for global expan-
select, brand, and promote at least one the Holdco Notes, eight months prior Holdco notes. third-largest auto market. sion. Situated in
to the maturity. "As a result, the entire amount of VinFast and the state of Thoothukudi, the VinFast
product from each district, the minister the $750 million Holdco Notes is fully
said, “ODOP is part of our personality. The company's $750 million Tamil Nadu agreed to invest Tamil Nadu project aims to
secured eight months prior to its up to $2 billion, with an
This is very important because in the redemption plan for the Holdco maturity date," says the company. evolve into an electric vehi-
era of globalisation, various societies Notes includes amounts in the intended commitment of cle production hub in the
With this outcome, AGEL says it $500 million for the first
and cultures begin to lose their identity reserve accounts and internal accru- has fully defeased the Holdco Notes, region, with an annual
and personality”. als, TotalEnergies 1,050 MW JV con- phase of the project, span- capacity of up to 150,000
eight months prior to the maturity ning five years from the
“The idea is not to close our doors sideration, and proceeds from the date, and that it has further resulted units. Construction of the
or that imports are bad. We are not anti- initial tranche of the promoter prefer- in significant deleveraging in AGEL commencement date, plant is anticipated to begin
import. Atmanirbhar Bharat also means ential allotment. by way of equity proceeds while con- according to a joint state- in 2024.
we will also increase our exports and for The company says amounts in tinuing to deliver on the growth ment. “VinFast's green trans-
that if we need to import, we will not the reserve accounts and internal plans. The Adani company says the The investment is portation development proj-
stop those. We will leave India’s impres- accruals stand at $169 million, repayment has been successful on expected to generate ect is its third manufacturing
sion on the cost, competition, and qual- including debt service reserve the back of the company's equity approximately 3,000 - 3,500 project and the largest
ity front,” Goyal said. In 2023, India’s account, hedge reserves and inter- capital raise programme of $1.425 employment opportunities investment in Tamil Nadu's
goods imports far outstripped the est on reserve account. billion, which includes $1.125 billion locally. history. Considering the tan-
exports. Moreover, exports declined The TotalEnergies 1,050 MW JV of preferential issuance by promot- The plan to expand into gible economic and social
amid slowing global demand in the consideration is worth $300 million, ers and $300 million from India aims to seize growth benefits that are engen-
backdrop of demand slowdown in the which was closed on December 26, TotalEnergies JV. It, says the com- opportunities in the world's dered due to the establish-
west and in China, the Global Trade 2023. The company says the funds pany, reflects "the deep interest of most populous nation and ment of the project, the
Research Initiative (GTRI) said. long-term investors, strategic part- rapidly expanding EV mar-
are already lying in the senior debt ners, coupled with unwavering pro- Government of Tamil Nadu
“Interestingly, this decrease in redemption account (SDRA) of the ket. This initiative forms a also commits to providing
moter commitment to meet AGEL’s crucial part of VinFast's
exports occurred despite a consider- Holdco notes. On promoter preferen- strategic priorities of achieving its cleared land for the manu-
able depreciation in the Indian Rupee tial allotment, Adani Green Energy strategy to establish a facturing facilities.
target of 45 GW by 2030".
(INR) against the US Dollar (USD).
Over the span of one year, the average
INR/USD exchange rate had depreciat- Bottom Story
ed from 77.5 in June 2022 to 82.1 in
June 2023. Normally, a weaker domes-
tic currency can boost exports by mak-
ing a country’s products more competi-
Brookfield to buy ATC’s India business for $2.5 billlion
tive in the global market. However, in
India’s case, the depreciation of the INR
did not translate into increased export
Inatelecom
mega M&A deal in the
tower space,
ter owing to the chal-
lenging business
“We look forward to expand-
ing and enhancing our existing
Brookfield Asset Management environment in the telecom tower portfolio in India,
volumes,” the think tank said. on Friday said that it will acquire country. which enables a broader array
Notably, India’s efforts to push for 100% stake in American Tower Brookfield in its of solutions for our customers
local production and cut reliance on Corporation’s (ATC) India busi- affiliate DIT already and partners. Through strategic
Chinese items has shown results in the ness for $2.5 billion (Rs 21,000 owns two tower com- acquisitions like ATC India, we
electronic manufacturing sector. crore), which includes $2 billion panies – Summit remain deeply committed to
The imports of finished electronic (Rs 16,500 crore) enterprise Digitel and Crest empowering digital connectivity
products like computers, laptops, and value along side a ‘ticking fee Digitel. ATC, which is and transforming the telecom
other hardware showed a decline, drop- accruing from October 1, 2023. Brookfield’s third infrastructure landscape across
ping from $15.4 billion to $13.8 billion, a Earlier, Miami-based infra- 2024, subject to regulatory acquisition in the Indian telecom the region,” said Arpit Agrawal,
decrease of 10.3 per cent. Imports of structure investment group, I approvals, comes at a time tower space, will also be includ- managing director and head of
electronic instruments also reduced Squared Capital was in talks to when ATC India has been fac- ed in DIT. infrastructure, India and Middle
slightly from $10.4 billion to $10.1 bil- acquire ATC’s tower assets in ing difficulties in running the With ATC’s 78,000 towers East, at Brookfield.
lion, a 2.3 per cent decline. India at an enterprise value of tower business owing to and Brookfield’s earlier held However, ATC will continue
around $1.5-$1.75 billion. dependency largely on just two 175,000 towers, the company to retain the full economic bene-
The acquisition, which telecom operators. Its largest will have a total tower strength fit associated with the Rs 1,600
Brookfield is doing via its affiliate client Vodafone Idea was of 253,000 towers, compared to crore optionally convertible
Mumbai Correspondent Data Infrastructure Trust (DIT), defaulting on payments owing to Indus Towers’ 204,000 towers. debentures (OCDs) issued by
Suman Gupta will make it the largest telecom its weak financial condition. The acquired sites are expected Vodafone Idea to the company.
tower operator in India, surpass- ATC took a $322-million to diversify DIT’s revenues and The company will also be enti-
9930406223 (about Rs 2,700 crore) goodwill
ing Indus Towers. increase touch points with all tled to receive payments related
Suman.businessbazigar The deal, which is expected impairment charge for its India mobile network operators in to existing receivables in the
@gmail.com to close in the second half of unit in the July-September quar- India, Brookfield said. country, according to the deal.
 INDORE, 01 JANUARY TO 15 JANUARY 2024 8
Briefs
Paytm Payments Bank enables FASTag
payments at Indore Airport parking
Indore: has enabled similar solutions
at Dehradun, Pune and
India's homegrown Paytm Chennai Airport along with
Payments Bank Limited various prominent malls’
(PPBL), today announced parking in India. The compa-
that it now enables conven- ny is working on enabling
ient payments for car parking more such solutions across
Wage revision: SBI to provide for at the Airport Authority of
India (AAI) authorized Indore
all major cities and other air-
ports.
additional Rs 11,000 crore Airport using FASTag. The
solution will help curb con-
This will allow users to
State Bank of India (SBI) will likely make additional seamlessly enter and exit the
gestion and queues at the air- airport parking and pay with
provisions of Rs 11,000 crore in H2FY24 to meet require- port parking thus saving time
ments for the 17% wage hike following the pact signed Paytm FASTag or other
for the customers. banks’ FASTag. The Bank
between the bank unions and the Indian Banks’
Paytm Payments Bank Electronic Toll Collection (NETC) pro- has implemented FASTag
Association (IBA) on December 17, two senior bank offi-
Ltd is also one of the largest acquirers gram, offering an interoperable nation- parking in association with Mahesh
cials told FE. “As per our estimation, a total of Rs 20,000
of toll plazas for the National wide toll payment solution. The Bank Sunny Enterprises Private Limited.
crore of provision is needed to meet a 17% wage hike for
employees and pensioners. We have made about Rs

Google announces 2nd cohort

9,000 crore of provisions till Q2FY24 and will make
another Rs 11,000 crore in H2FY24,” a senior official
said. Analysts at Nuvama Institutional Equities recently
wrote the public sector banks have provided 14%-15%
towards the wage settlement and would now have to
bridge the gap. Most banks, other than Bank of Baroda
of GNI Startups Lab India
Gthe
and Punjab National Bank, have not made provisions for oogle on Monday announced
pensions, which will also have to be provided, they said. second cohort of the GNI
“The biggest bank-wise impact from catch-up provi-
Startups Lab -- a 12-week catalyst
sions on book value for FY25E would be for SBI at 2.5%
while BoB would be the least impacted at below 1%,” the
programme that aims to help the next
generation, independent, early-stage
India is at inflection point; structurally
report said. Further, in FY25, banks’ total employee
expenses would be flattish to marginally down given
Indian news startups achieve financial on high growth path: PK Mishra
catch-up provisions in the base of FY24, it added. SBI
had a strong employee base of 235,858 staff as of March
and operational sustainability.
Created in partnership with
Anymind Group and T-Hub, the GNI
W ith a slew of reforms and
progressive policies, India is
at an inflection point and structurally
2023. The incremental provisions will take into account placed on a high growth path, accord-
the rise in employee and pensioners wages, including Startups Lab India supports high-qual- Malayalam, Kannada, and Telugu,"
ity reporting for local communities, she added. Moreover, the tech giant ing to P K Mishra, Principal Secretary to
higher dearness allowance. SBI did not formally
niche audiences and previously mentioned that to support the news the Prime Minister.
respond to queries till the time of going to press. “The
underserved communities across the industry in tackling the scourge of Among economies and among rat-
new pay scales will be constructed after merging dear-
country. Chosen out of over 110 appli- misinformation, it partnered with sub- ing agencies, there is a feeling that the
ness allowance corresponding to 8088 points (average
cants from across India, the ten news ject matter experts to empower jour- Indian growth story is on a structurally
index point as applicable for the quarter of July, August
and September, 2021) to the basic pay as on startups cover a diverse array of cate- nalists and newsrooms with digital higher path. However, on this journey,
31.10.2022, and adding thereon a loading of 3%, gories of journalism, including inves- tools and skills needed to find, verify, the country will face a number of chal-
amounting to Rs 1,795 crore,” according to the MoU tigative, political, medical, youth, cli- and tell engaging stories while tack- lenges, both domestic and internation-
signed between the IBA and the unions. The wage revi- mate, and local news that provides a ling the ever-evolving risk of misinfor- al. India has many strengths and oppor-
sion will be effective November 1, 2022 for a period of voice to underrepresented communi- mation.Through 2023, via efforts like tunities that can help it overcome these
five years and the annual increase in salary and ties," Durga Raghunath, Head of India the GNI India Training Network and challenges and achieve its vision,
allowances will be 17% of the annual pay slip expenses News Partnerships, said in a blog- Data Dialogue, Google supported the Mishra said in his convocation address
for FY22. Bank of Baroda has made Rs 1,320 crore of post. "The diverse cohort features training of more than 15,000 journal- at the Indira Gandhi Institute of
provisions, taking into account an 18% wage hike till newsrooms from around the country, ists and journalism students in over Development Research (IGIDR) today.
Q2FY24, and accordingly will not be required to make producing news in multiple Indian lan- 15 languages, impacting over 240 It was the 19th convocation ceremony
higher provisions during Q3FY24, a top official said. guages, including English, Hindi, newsrooms and media colleges. of the institute.

Interim Flikely
inance Minister Nirmala Sitharaman talked about the outcome of Lok Sabha elections that are
to be held in May 2024. “Prime Minister (Narendra) Modi is coming back and coming back
with a good majority,” she said in an assurance to the investor community, which prefers continuity in

Budget policies of countries where they invest. She was delivering a keynote speech at the inaugural of India
Global Forum’s annual meet in Dubai. The same day, S&P Global Ratings raised India’s gross domes-
tic product (GDP) growth forecast for FY24 from 6% to 6.4% saying robust domestic demand is offset-

Won’t
ting headwinds from inflation and weak exports. Quarterly GDP estimates released by Ministry of
Statistics and Programme Implementation three days later supported the view-GDP rose 7.6% in July-
September, much higher than all forecasts, including RBI’s 6.5%, though the bi-monthly monetary pol-

Spring
icy statement of RBI on December 8 forecast 7% GDP growth in FY24. Promising economic indicators
and the ruling party’s confidence that it will return to power amid sluggish global economy can influence
interim Budget for FY25. The stronger its belief in winning next general elections, the lesser the

Surprises
chances of the interim Budget becoming an all out exercise to woo voters. Similarly, the stronger the
economic outlook, the lesser the chances of government ignoring fiscal discipline while preparing rev-
enue and expenditure estimates for FY25. At least that is what conventional wisdom suggests.

Bottom Story

Car sales grow in double digits in 2023

Retail sales of passenger vehicles
grew 11% year-on-year in the cal-
In its long-term view, FADA says PVs
are expected to see growth with new prod-
ing on a YoY basis by 9.5%, 58.5%, 11%,
7% and 8% respectively,” he adds.
endar year 2023 to 38.60 lakh units, aided uct launches and stable market sentiments. In the two-wheeler category, key drivers
by strong demand for SUVs, according to “The market is hopeful about improved included an abundance of marriage dates
data released by the Federation of vehicle availability and demand driven by and the distribution of harvest payments to
Automobile Dealers Associations (FADA). new models with many OEMs launching farmers, which enhanced purchasing
In the PV category, SUVs in particular their EVs. However, caution should be exer- power, says the FADA president.
saw strong demand, with extended waiting cised regarding excess inventory as well as “Additionally, the availability of a wide range
periods for key models. the need to match production with actual of models and variants, coupled with
This surge was fuelled by aggressive market demand,” it says. “December'23 favourable weather conditions and a gener-
year-end promotions and the introduction of On the near-term outlook, FADA says was an overall good month for Indian Auto ally positive market sentiment, contributed
new models, says FADA president Manish the focus will be on clearing pending book- Retail, as total retails during the period saw to this robust growth. Enhanced product
Raj Singhania. ings and launching new 2024 models. a growth of 21% YoY. All categories closed acceptance, particularly among the youth,
However, a significant concern was the “Despite concerns over high inventory lev- in green, with 2W, 3W, PV, Trac and CV and lucrative financial options, coupled with
high inventory levels, reflecting over-supply, els and the impact of year-end discounts, growing on a YoY basis by 28%, 36%, 3%, the anticipation of price increases in
Singhania says. “This ongoing issue of high positive market sentiments and the intro- 0.2% and 1.3% respectively,” says January 2024, spurred purchases,” he
PV inventory, despite a slight decrease by duction of new models are likely to drive Singhania. “Similarly, for CY'23, the year says.The commercial vehicle category
the year's end, remains a critical area for growth. However, challenges remain in ended with double-digit growth as total experienced positive growth as increased
OEMs to address, emphasizing the need for terms of supply constraints for higher vari- retails during the year saw an increase of industrial activity and infrastructure devel-
further moderation in inventory manage- ants and shifting consumer demands 11% YoY. Here also, all categories closed in opment continued to fuel demand for
ment." towards SUVs,” the dealers’ lobby says. green, with 2W, 3W, PV, Trac and CV grow- M&HCVs, according to Singhania.

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